Woolworths Profit Warning

After a sharp fall in sales, Woolworths, has issued a profits warning, with like-for-like sales having fallen 6.5pc in the 18 weeks to December 2. Trevor Bish Jones, chief executive, cited falling prices in the DVD market as among the reasons.

In a statement to the stock exchange, Woolworths said: "We still have the key Christmas trading weeks to come which will determine the final outcome for the year. Given that Christmas falls on a Monday this year, there will be an extra weekend for shopping which may result in retail sales falling later than usual.

"However, given the sales performance of the last two months, it is appropriate to be cautious. In order to achieve results for this financial year around the lower end of market expectations, we will need to achieve a sales uplift for the remainder of the Christmas trading period and continued improvement in the margin."

More positively, however, since the Woolworths catalogue launch on 17th October, and recently installed Internet kiosks in some stores, multi-channel sales have increased by 160pc on 2005 and now account for 7.5pc of sales, which is significantly ahead of budget, according to Mr Bish Jones.

The financial information above is provided in good faith, but we recommend that you consult with your stockbroker before making any stock buying/selling decisions based on such information.

A link to the Woolworths website is provided below.

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